I am grateful to Citywire for encouraging me to write this response to Henry Cobbe’s article, ‘Cost disclosure reforms would be a backward step for transparency’ published here on Tuesday.
This provocative piece sought to portray the widely supported campaign to reform the misleading FCA charge disclosure regime for UK-listed investment companies as itself being misleading.
It is important to clarify this misrepresentation of reality. The aim of my private member’s bill and the campaign was to ensure that all expenses incurred by managers of listed closed-ended investment companies (LCICs) ie, investment trusts and real estate investment trusts (Reits), are disclosed correctly, rather than being listed as direct consumer charges.